Shares in listed Australian McGrath Limited took a sudden dive on Monday after it was revealed that the company’s founder and prominent real estate figure, John McGrath has a multi-million-dollar online gambling debt.
Fairfax Media revealed that McGrath, the real estate giant’s soon-to-be executive chairman, has a $16 million debt to William Hill Australia, the online betting business led by prominent bookmaker Tom Waterhouse.
“This would be the biggest debt ever in gambling history by a single person to a single company in Australia,” said one industry insider.
For his part McGrath, 54, has previously denied having any gambling debts.
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